The Colombo bourse picked up yesterday with turnover up to Rs.183.8 million from the previous day’s Rs.64.3 million and both indices moving up sharply – the All Share by 28.52 points (1.59%) and the Milanka by 48.95 points (2.57%) with JKH continuing to hold the spotlight.

"JKH attracted a lot of interest with both high net worth investors and retailers chasing the stock although large quantities were not available," Prashan Fernando of Acuity Stockbrokers said.

"Sentiment was positive and there is every prospect of margin traders coming into the market if interest rates, as speculated, go down to levels which would make it worthwhile for them. That will certainly improve volumes."

The highest turnover came off Hotel Services where over 0.5 million shares were done between Rs.145 and Rs.160.75 with the counter losing Rs.23.25 to close at Rs.147 generating Rs.74 million business volume.

There were two large parcels, one of 155,400 shares and the other of 99,000 shares done yesterday along with transactions of many parcels in the hundreds and fewer in the thousands.

Analysts noted that Hotel Services, owners of the Hotel Ceylon Continental, is a closely held company.

JKH with over 0.7 million shares done between Rs.66.75 and Rs.72 gained Rs.5 to close at Rs.71.25 generating Rs.51 million to turnover.

Other stocks that showed volume included Tokyo Cement up Rs.4.25 to close at Rs.135 on 55,900 shares, Commercial Bank up Rs.1.75 to close at Rs.87 on 41,600 shares and HNB up Rs.1.25 to close at Rs.89.25 on 41,400 shares.

Trading interest in Lanka Cement, evident for some time, continued with nearly 0.3 million shares done between Rs.13.25 and Rs.13.75 gaining 75 cents to close at Rs.13.50. Brokers said that much of the interest in this share was retail driven.

The NDB, Sampath and NTB were also banking stock that gained though on relatively thin volume. Seylan Bank closed flat at Rs.39 on 39,700 shares.

Fernando of Acuity said that even if Hotel Services turnover was discounted, trading volumes yesterday topped the Rs.100 million mark which was satisfactory given recent market conditions.

There were 85 gainers yesterday against 16 losers.